Market Overview:

The Global Industrial Cooling Tower Market Was Valued At USD 2.19 Billion In 2022 And Is Projected To Reach USD 3.12 Billion By 2030, Growing At A CAGR 4.5% From 2022 To 2030.

A cooling tower is a device that sends extra heat or waste heat into the air to keep the temperature cool. The different types of cooling towers are based on how the air gets into the tower. There are both natural draft and induced draft cooling towers. Cooling towers can either use the evaporation of water to remove process heat and cool the working fluid to near the wet-bulb air temperature or, in the case of closed circuit dry cooling towers, use only air to cool the working fluid to near the dry-bulb air temperature.

Cooling towers range in size from small roof-top units to very large hyperboloid structures (like the one in the next picture) that can be up to 200 meters (660 ft) tall and 100 meters (330 ft) in diameter, or rectangular structures that can be over 40 meters (130 ft) tall and 80 meters (260 ft) long. People often think of nuclear power plants when they hear about hyperboloid cooling towers, but they are also used in some coal-fired plants and to some extent in some large chemical and other industrial plants.

Cooling towers are used to get rid of extra heat in power plants, mostly thermoelectric power plants. As the world's need for electricity grows, more power plants are likely to be built, which will help this industry grow. Also, the demand for this product is likely to go up as the number of commercial and residential construction projects in countries that are growing quickly increases. Rapid industrialization around the world is another important factor that is expected to help the cooling towers market grow during the forecast period.

COVID-19 Impact:

During the lockdown phase, HVAC systems, potable water systems, and these towers were left unused or unoccupied for a long time. This made it very likely that legionella bacteria would grow in these buildings. So, it was important to make sure that offices and buildings could open again safely by giving their cooling towers thorough preventive maintenance.

As a result of the pandemic, there was also a big drop in demand in the oil and gas industry. The dramatic drop in oil prices that began in mid-2014 and got worse has already hurt the oil and gas industry in recent years. In 2020, COVID-19 happened, which was another setback for the sector. Because of the COVID-19 pandemic and the drop in demand caused by lockdowns, major refiners had to shut down.

Market Dynamics:

Market Trends:

• Escalating Need for Electricity on Account of the Increasing Global Population 

At present, the escalating need for electricity on account of the increasing global population represents one of the key factors positively influencing the market. Heating, ventilation, and air conditioning (HVAC) systems are also being used more because infrastructure development is getting bigger. This, along with the fact that more and more industries are going electric and the rising sales of consumer electronics, is driving up the demand for cooling towers all over the world. Also, the development of three-dimensional (3D) TRASAR technology helps find corrosion and microbiological problems in cooling tower systems and fix them. The market is also growing because private and public organizations are putting more money into building thermal and nuclear power plants in many different countries. Also, the biggest players in the market are always funding research and development (R&D) to come up with highly efficient cooling towers.

Driving Factors:

• Rise in HVACR Deployments and Growth in Industrial Activities

Moderate growth of global commercial construction industry accompanied by increasing modernization & urbanization in emerging economies have boosted the demand for cooling towers. Rises in HVACR installations because the government is investing more in this industry are also helping the market grow. Cooling towers are a common part of HVACR systems in buildings. They get rid of extra heat from chillers. So, the global cooling tower market is likely to be driven by the rising demand for HVACR equipment in buildings and industries. Changes in the weather and new technologies have made more people want to use HVACR equipment. Changes in the weather brought on by global warming have also made more people want to use cooling towers.

• Surge in Adoption by Various End User Verticals 

Its introduction in various industries is an important growth factor for the cooling towers. Cooling towers have started to be used as energy-efficient systems, as water-cooled systems, because they provide lower energy consumption than air-cooled alternatives, as most companies have continued to use cooling towers because they oppose heat transfer into the air. Cooling towers are further used in food processing plants, petroleum refineries, natural gas plants and others as cooling towers are designed for cooling the circulating water during the manufacturing process which is further driving the market. This has this great benefit of Cooling towers is that it prevents the other machines from being overheated so that company expenses get minimized and machines get proper power supply to provide break-free output.

• Rise in Demand Due to Climate Change

Because of changes in the weather, more people are using HVACR equipment. Global warming has also made it harder to predict and change the weather, which has increased the need for air conditioning equipment.

Restraints/Challenges:

• Sluggish Market Growth in Europe and North America

In Europe and North America, the cooling tower market has reached its full potential, so growth is slowing down. Even though these regions make up a big part of the market, growth is expected to be slower than in the emerging regions over the next few years. Demand in these areas is likely to be driven mainly by a greater focus on making energy use more efficient and meeting environmental rules. Cooling tower replacements are likely to be in higher demand in these areas than new installations. So, because the markets in Europe and North America don't have room for new installations, the overall growth rate has slowed down.

• Frequent Corrosion in System Results in Reduced Efficiency

Corrosion happens when thick chemicals are pumped through the water supply, which makes this cooling tower less useful and less effective. Corrosion affects the cooling tower system in two ways. First, it can cause equipment to break down, which means extra costs for installation, repairs, and upkeep. Second, the plant's efficiency goes down because heat can't move as well. These factors challenge the growth of this market.

• High Maintenance Cost

Customers are still worried about the increased corrosion of these towers, which can slow the growth of the market. Heavy chemicals like sodium, air, and other things were found in the water supply. This caused the towers to rust, which put the equipment's efficiency and safety at risk. The geothermal cooling method also makes better use of energy and gets rid of the problems with these towers. Some of them are that they use a lot of water, pose a risk to public health, and are too big. By switching from traditional cooling towers to geothermal cooling towers, the U.S. could save at least 2 trillion gallons of water per year. This is because of water conservation and other factors. Also, these things will help reduce CO2 emissions in the long run.

• Large Volume of Water that Results in an Exorbitant Expense

Cooling towers can be hard for small and medium-sized businesses to run because they need a lot of water. The huge amount of water used by a business puts its budget at risk because it costs so much. The cooling towers market is expected to be hurt by the fact that the industry is not unified. Because of this, it is expected that these factors will slow the growth of the global cooling towers market over the next few years.

Opportunities:

• Rising Demand from Nuclear Power Generation Sector

A nuclear reactor would not work without the cooling tower. The way a cooling tower works has a big effect on how well and how much power a nuclear power plant works overall. Most nuclear power plants use either hybrid or wet technology for their cooling towers. They are used in situations with high pressure and temperature, as well as in manufacturing processes that need process cooling. These are used in different nuclear processes, such as closed loop system cooling, central cooling, moisture separator reheating, and others. Since nuclear energy is one of the most promising new energy sources, it gives the cooling towers market a lot of chances to grow.

• Focus on Energy Efficiency

Energy efficiency is a major concern for businesses that want to cut costs and reduce their carbon footprints. In industrial processes, cooling towers use a large amount of energy. Creating and selling cooling tower systems that use less energy can attract customers who want to reduce their energy use and meet standards for energy efficiency.

• Growing Industrialization

Developing countries are becoming more industrialized and urbanized, which is good news for the industrial cooling tower market. As industries like power generation, manufacturing, chemical processing, and oil refining grow, so does the need for cooling towers to get rid of the extra heat that comes from them.

Strategic Development:

• In November 2020 - Linde GmbH has chosen HAMON & CIE (INTERNATIONAL) S.A. to install and design an 18-cell cooling tower for Amur CGG in Russia. The most important tower is made of Fiberglass Reinforced Plastic (GRP), and it has an automatic louver system to keep the process going even when the temperature is very low.
• In January 2019 - SPX Cooling Technologies announced that some monitoring equipment and control panels are now available. This makes it easier to run, collect data from, and install cooling towers. Marley's control panels let building management systems connect cooling tower conditions to visual displays, network communications, and relay status outputs in the right way.
• In October 2020 - EWK put up 8 towers at the Alicante Airport in Spain. These towers are protected by "smart cooling tower" technology, which automatically finds problems and gives information about how the towers are running.
• In July 2021 - The Baltimore Aircoil Company bought the European refrigeration and commercial company Eurocoil Spa in Italy. This purchase has helped the company become more competitive on the global market.
• In December 2020 - Hamon bought ESINDUS, a Spanish company that cooled things in Mexico, South America, and the Iberian Peninsula. Hamon & CIE is working to improve its presence in EMEA, North America, and Asia-Pacific.

Key Vendors:

Top market players are

• Baltimore Aircoil

The Baltimore Aircoil Company makes equipment for cooling and moving heat. The company sells cooling towers, closed-circuit cooling, evaporative condensers, and ice thermal storage solutions.

• Brentwood Industries

Brentwood is a leading provider of thermoformed plastic solutions for a wide range of consumer, manufacturing, and environmental industries. Brentwood uses a team approach to solve the problems our customers face. We have a wide range of production capabilities, engineering expertise, and a focus on innovation.

• Enexio

ENEXIO is a reflection of what we do and what we have done as leaders in the field of industry, process, and power plant cooling for decades.

• Hamon & Cie International

Hamon & Cie (International) SA is a company that does engineering, purchasing, and building. It designs and makes key parts, installs and maintains cooling systems, air pollution control systems, heat recovery systems, and chimneys, and designs and makes key parts.

• Paharpur Cooling Towers

Paharpur Cooling Towers Ltd. has been in business since 1948 and is the largest manufacturer of process cooling equipment in the world. It exports to more than 50 countries around the globe.

• SPIG

Sprig is a product insights platform that gives teams the tools they need to improve their product quickly, from testing new designs and prototypes to optimizing core user flows on a regular basis.

• SPX

(SPX) is a company that offers engineered solutions. It offers products, technologies, and solutions that are very well made. The company sells HVAC (heating, ventilation, and air conditioning) products and equipment for detecting and measuring.

• Star Cooling Towers Private

Star Cooling Towers, L.P. is a company that does work on cooling towers. The company designs, builds, fixes, and upgrades cooling towers. It also sells parts and accessories for cooling towers.

Segmentation Analysis:

The market is segmented on the basis of type, application, material, flow type, form and region.

By Type Outlook:

During the forecast period, hybrid cooling will grow at a CAGR of 7.52%. These cooling towers use both wet and dry cooling, which is good for the environment and helps them meet strict environmental standards. They make it possible to cut down on steam drift, which is the "steam plume" that can be seen in cold, wet weather and in the winter when it can cause ice to form. Getting rid of the steam plume is especially helpful in cities, industrial areas, and areas near roads that could get icy. Also, the hybrid cooling towers use less water and provide the total heat rate that the customer needs. Also, this module will use the air around it to lower the temperature of the cooling water before it goes into the wet section. When the hot air from the dry cooling section is mixed with the moist air from the wet section, the steam plume goes away. The energy, petrochemical, chemical, metallurgy, plastics and rubber, paper, and manufacturing industries are some of the places where hybrid cooling technology is used. These industries are expected to drive the market from 2020 to 2025.

• Evaporative Cooling Tower
• Dry Cooling Tower
• Hybrid Cooling Tower

By Application Outlook:

Based on how they are used, the Cooling Towers Market is split into segments for chemicals and petrochemicals, pharmaceuticals, power generation, HVAC, food and beverage, and other uses. Due to the fact that the United States, China, Germany, the United Kingdom, and other major countries are becoming more industrialized, the HVAC segment has the largest share of the market right now. Also, installing these towers in the HVAC industry leads to less energy use, easy operation, low maintenance costs, and great performance.

After HVAC, these towers are expected to be used in the chemicals and petrochemicals, power generation, and pharmaceutical industries to a moderate degree. This is because the government is trying to reduce energy use, improve efficiency, and reduce pollution.

• Chemicals & Petrochemicals
• Pharmaceutical
• Power Generation
• HVAC
• Food & Beverages
• Others (Paper & Pulp, Plastic, and Others)

By Form:

Cross-Flow Tower in Cooling Tower is expected to grow at a rate of 5.93% per year over the next few years. In cross-flow towers, water flows down through the fill, while air flows across the falling water in a horizontal direction. This kind of cooling tower moves the hot water in the opposite direction of the air flow. From the top of the cooling tower, water flows through the hot water gravity distribution basin and into the fill, while the cooling tower fan pulls air across the fill in a horizontal direction. Cross-flow towers have an internal access plenum that can be fitted with an internal platform from which the drive system can be serviced and the whole fill assembly can be inspected. You can also add a service platform or a ladder with handrails to these towers so that maintenance workers can get to the hot water basin in a safe way. The cross flow single cell cooling tower can handle between 70 and 255 M3/Hour. The cross-flow multi-cell cooling tower can be made to fit the needs of the customer in terms of capacity. Also, investments made by the government and companies to grow industries like Chemical, Pharmaceutical Plant, and so on are looked at to see how they affect the market. ExxonMobil has said that it will spend $2 billion to expand its chemical plant in Baytown, Texas. This will happen in 2019. In the same way, a number of other process industries are planning to grow in the U.S. So, these changes are thought to drive the market in the period from 2020 to 2025.

• Natural draft cooling towers
• Cross towers
• Counter flow towers
• Hyperbolic cooling towers
• Induced draft cooling towers
• Passive draft cooling towers
• Others

By Material Type:

The cooling tower market is divided into fiber-reinforced plastic, steel, and high-density polyethylene based on the material. In 2020, the fiber-reinforced plastic segment brought in the most money of all the product type segments. Fiber-reinforced plastic materials have good resistance to corrosion, are inexpensive, and are easy to install. These are some of the main things that are driving revenue growth in this segment.

• Fiber-Reinforced Plastic (FRP)
• Steel
• High-Density Polyethylene (HDPE)

By Flow Type:

Crossflow cooling towers are the most popular on the market because they can handle a lot of dirt, oil, and other contaminants in the water. They also help move hot water in the opposite direction of the airflow.

• Cross Flow
• Counter Flow

Regional Insights:

The global Industrial Cooling Tower market has been looked at in different parts of the world, like North America, Latin America, the Middle East, Asia-Pacific, Africa, Europe, and India. In the near future, this market will be led by the global Industrial Cooling Tower region.

In 2021, 30% of the revenue came from Asia Pacific, which had the largest market share. Due to the high rate of industrialization in Asia and the Pacific, the Industrial Cooling Tower market is expected to grow a lot. This is because Industrial Cooling Towers are still in high demand. There are different uses in China, India, South Korea, and Singapore, among other places. Also, new data centers are being built all the time in the Asia-Pacific region, which is a huge growth opportunity for the Industrial Cooling Tower market.

The Chinese market for industrial cooling towers is expected to grow quickly because China is spending more on factories and infrastructure. Also, the growing number of data centers across the country is one of the main things that will keep the market looking good over the next few years. China is also the country that uses the most electricity in the world. The high amount of energy production needed to meet the growing demand for energy is also expected to increase the demand for Industrial Cooling Towers as a whole.

In 2020, North America, led by the United States and Canada, had a large share of the global immersion cooling market. This was because there were a lot of smart buildings, large-scale data centers, and companies that sold building automation systems in the region. Also, the rapid growth of both structured and unstructured data and the rising demand for cloud computing are expected to drive the growth of the global data center market over the next few years, which will increase the need for Industrial Cooling Towers.

In 2021, the United States had the biggest share of the North American Industrial Cooling Tower market. This was because the country used a lot of energy, had a lot of factories, and spent a lot of money on power generation. The oil and gas industry is likely to need more Industrial Cooling Towers because oil and gas companies are putting more money into exploration and production in the country.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• The report on the industrial cooling tower market gives both qualitative and quantitative information about industrial cooling tower, as well as a detailed analysis of market size and growth rate for all possible market segments.
• Along with this, the report gives a detailed look at how the market works, what new trends are coming up, and how the competition between industrial cooling tower is shaping up.
• Key insights from the report include the adoption trends of Industrial Cooling Tower Market solutions by each market segment, recent industry developments like partnerships, mergers, and acquisitions, business strategies of leading market players, macro- and micro-economic indicators, and key industry trends.